ASIC has acted in response to industry submissions which argued that they should not require all existing managed investment scheme constitutions
The Australian Securities and Investments Commission (ASIC) has issued Consultation Paper 188 (CP) in which it proposes to update its guidance in Regulatory Guide 134: Managed investments: Constitutions.
Recent court decisions, legislative changes (both passed and proposed) together with a potentially reinvigorated will on the part of the ATO to test and apply black letter legal concepts, serve as a reminder for trustees and responsible entities that their trustsschemes are governed not only by regulatory laws but also by general trust law.
The Federal Court has confirmed that, for the purposes of the “workplace rights” provisions in Part 3-1 of the Fair Work Act (FW Act), a “workplace instrument” is one that is given legal significance by a particular workplace law.
On 5 October 2011 Justice Barrett of the Supreme Court of NSW handed down a decision in Centro Retail Limited and Centro MCS Manager Limited in its capacity as Responsible Entity of the Centro Retail Trust 2011 NSWSC 1175 (“Centro”) where he found that the responsible entity of Centro Retail Trust would be justified in modifying the constitution of the trust without unitholder approval to a insert a provision permitting the issue of units at a price different to that provided for by the pre-existing provisions
In the recent Federal Court case of Premium Income Fund Action Group Incorporated v Wellington Capital Limited 2011 FCA 698, the plaintiffs successfully challenged constitutional changes made unilaterally to a constitution of a listed registered managed investment scheme, the Premium Income Fund (“PIF”), without unitholder approval
Cassidy v Leslie 2010 NSWSC 742 illustrates the importance of clear and unambiguous definitions in any “claims made” or “claims made and notified” policy, and serves as a reminder that any ambiguity in an insurance policy may be interpreted against the insurers.
The Court of Final Appeal of Hong Kong ("CFA") gave a provisional ruling on 8 June 2011 (by a 3:2 majority) that the Democratic Republic of Congo ("DRC") can enjoy sovereign immunity from enforcement in Hong Kong of two ICC awards, obtained in arbitrations held in Paris and Zurich.